Edtech unicorn Byju’s is in talks with investment firm DST Global to raise as much as ₹3000 crores, according to a person familiar with the negotiations. The deal will value Byju’s at $10.5 billion and could be signed by Sunday, said the person, who didn’t want to be identified as the talks are private.

If the transaction succeeds, Byju’s will become India’s second-most valuable startup after Alibaba-backed Paytm.

DST Global is headed by Yuri Milner, a Russian-Israeli billionaire and world’s best-known technology investor. He has invested in Alibaba, Facebook, and Twitter. Milner has also backed high profile Indian startups including Flipkart, Swiggy, Ola, and Udaan.

DST and Byju’s, both have declined to comment on the development.

Founded by Byju Raveendran, Byju’s simplifies math and science concepts for K-12 students through videos and gamification. It is strongly backed by Mark Zuckerberg’s Chan Zuckerberg Initiative, Naspers, and Tiger Global Management.

It has over 3.5 million paid subscribers and has been adding over 300,000 new subscribers every month for the past 6 months. The startup doubled its revenues in the year ended in March 2020 to $373 million from the previous financial year. One uncommon thing about Byju’s is that it is profitable which is a rarity among Indian startups.

Byju’s raised close to ₹3000 crores this year alone. It was last funded by Bond Capital, founded by Silicon Valley investment guru, Mary Meeker.

The online education sector in India is on fire after the schools and colleges were shut down amid the COVID-19 pandemic.

Last month, edtech startup Vedantu raised ₹700 crores from U.S-based Coatue Management. On the other hand, Unacademy, one of India’s leading edtech startups, also raised funds at a valuation of over $1 billion which made it the country’s second most valuable edtech unicorn.


Please enter your comment!
Please enter your name here